HDFC Life on Thursday reported its financial results for the nine months ended December 31, 2025. The company’s individual new business in terms of Annualised Premium Equivalent (APE) rose to Rs 9,988 crore, up 11 per cent from Rs 8,986 crore in the same period last year.
Total APE increased 11 per cent to Rs 11,387 crore. The company’s overall market share improved to 10.9 per cent from 10.8 per cent in 9M FY25.
Premium Collections and New Business Value
New business premium, including individual and group segments, grew 10 per cent to Rs 24,550 crore. Renewal premium increased 15 per cent to Rs 28,415 crore. Total premium collected during the period was Rs 52,965 crore, up from Rs 47,013 crore.
Value of New Business (VNB) for 9M FY26 stood at Rs 2,773 crore, a 7 per cent increase from Rs 2,586 crore in 9M FY25. New business margins were 24.4 per cent, compared with 25.1 per cent in the previous period. Operating return on Embedded Value (RoEV) was 15.6 per cent, down from 17 per cent in 9M FY25.
CEO Statement on Retail Protection and Product Mix
Vibha Padalkar, Managing Director and CEO of HDFC Life, said, “Retail protection delivered year-on-year growth of 42% for 9MFY26 and 70% in Q3. Our product mix reflected evolving customer preferences, with ULIPs at 43% and participating products at 27%. VNB grew 7% YoY, while on an adjusted basis, excluding GST and surrender regulation impact, growth would have been 13% for 9MFY26.”
Retail Protection and Sum Assured Growth
Retail protection recorded growth of 42 per cent during the nine months. Retail sum assured increased 33 per cent in 9M FY26. In Q3 alone, retail protection rose 70 per cent and retail sum assured 55 per cent. Growth was supported by higher rider attachment and increased sum assured multiples in the ULIP business.
Assets, Profit, Persistency and Distribution
Assets under Management, including HDFC Pension Fund Management, stood at Rs 5.3 trillion, up from Rs 4.57 trillion in the same period last year. Embedded Value (EV) was Rs 61,565 crore, up from Rs 53,246 crore. The company’s solvency ratio was 180 per cent, supported by Rs 749 crore subordinated debt raised in Q3.
Profit after tax for the period increased 7 per cent to Rs 1,414 crore. Excluding one-time labour code and GST impact, underlying profit growth for both the quarter and nine months was 15 per cent.
Persistency ratios remained stable with 13-month persistency at 85 per cent and 61-month persistency at 63 per cent. Renewal collections increased 15 per cent compared with 9M FY25.
The company’s product mix by individual APE comprised 43 per cent ULIP, 19 per cent non-par savings, 4 per cent annuity, 7 per cent protection, and 27 per cent par products. Distribution mix by individual APE included 59 per cent through bancassurance, 18 per cent agency, 15 per cent non-bank alliances, and 9 per cent direct channels.
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